BTC Might be Forming a Bottom
It is obvious that BTC and other major Alt coins have not had a good go the first half of the year. They fell with most other asset classes on recession fears. They still haven't recovered technically. How will the second half of the year go for the cryptocurrencies. They surely cant go to zero you would think. Unless you believe they will get killed by regulation or just people will lose faith and the market will just dissolve. This may happen to some cryptocurrencies. But one crypto that I have faith will never go anywhere is BTC. So where is the good buying opportunity while BTC is looking discounted. I've mapped out a few charts below to give us some Areas of Interest to pay attention to where there could be a potential bounce.
Be sure and check the change in sentiment with the change in price of BTC through the weekly votes below.
I find the Fibocanne levels to be very useful depending on the ticker symbol you are looking at. The price of Bitcoin seems to react necely to these Fib levels you can see below highlighted by the green lines. Currently BTC is trying to produce a bounce off of the Fib level it sits on top of. If we get below this fib level then it will look ugly for BTC in my opinion.
If there is indeed a sustained uptick off of the Fib level mentioned above then there are several areas to watch for resistance on the way up. If you are still bearish on BTC then these would be good levels to watch to possibly find a reversal or a good short opportunity. If we just climb above these levels with momentum then I would scratch the "looking for shorts," idea. But as of now BTC is has been in a downtrend for several months so it may be more logical to look for shorts.
One important fact that I should point out is that the current price level BTC is consolidating around is almost exactly correlating with these previous areas of interest. A previous high, a previous consolidation zone, and a long term Fibonacci level. All three of these are areas where one would watch for support or resistance. They might even go to drawing a trend line on the chart like I have done for you below. If the price of Bitcoin dips below this level then it will be very bearish in my opinion as the next major support level is several thousand dollars beneath.
For all of you short term traders like me I can see a little silver lining for Bitcoin on the very short term candle sticks. After the second major leg down in BTC the price tried to form a range to consolidate in. It dipped support of range but returned to the range during the end of the week last week. If we can break above this range then things will look very good for BTC in the very short term. If the price can get above the 23000 dollar level then there is not much resistance on the way to about 27500. There could be a good uptick
In conclusion, BTC is still bearish but recently it is looking for a bottom similar to equity markets. The technical picture is a downtrend but we must this consolidation at this major level to play out before BTC will pick a direction.
If you are looking for exposure to Cryptocurrencies but are not actually trading any crypto then check out a few of the crypto mining and crypto exchange companies that are traded publicly. I have $Coinbase(COIN.US$ and $Riot Platforms(RIOT.US$ mapped out below with support and resistance levels. There are many more companies to trade as well $TeraWulf(WULF.US$ $PROSHARES SHORT BITCOIN STRATEGY ETF(BITI.US$ $Bitfarms(BITF.US$ $Marathon Digital(MARA.US$ $MicroStrategy(MSTR.US$ $Block(SQ.US$ $PayPal(PYPL.US$ $Robinhood(HOOD.US$ $Futu Holdings Ltd(FUTU.US$ $Grayscale Bitcoin Cash Trust(BCHG.US$ $Grayscale Ethereum Classic Trust(ETCG.US$ $Grayscale Ethereum Trust(ETHE.US$
If you are looking for exposure to Cryptocurrencies but are not actually trading any crypto then check out a few of the crypto mining and crypto exchange companies that are traded publicly. I have $Coinbase(COIN.US$ and $Riot Platforms(RIOT.US$ mapped out below with support and resistance levels. There are many more companies to trade as well $TeraWulf(WULF.US$ $PROSHARES SHORT BITCOIN STRATEGY ETF(BITI.US$ $Bitfarms(BITF.US$ $Marathon Digital(MARA.US$ $MicroStrategy(MSTR.US$ $Block(SQ.US$ $PayPal(PYPL.US$ $Robinhood(HOOD.US$ $Futu Holdings Ltd(FUTU.US$ $Grayscale Bitcoin Cash Trust(BCHG.US$ $Grayscale Ethereum Classic Trust(ETCG.US$ $Grayscale Ethereum Trust(ETHE.US$
So how will BTC's price move this week? Will it break above this short term range and rocket to new highs? Will it remain within this short term range all week? Or will it break down below range and make new lows?
$SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $ProShares UltraPro Short QQQ ETF(SQQQ.US$ $ProShares UltraPro QQQ ETF(TQQQ.US$ $Meta Platforms(META.US$ $Tesla(TSLA.US$ $Apple(AAPL.US$ $Alibaba(BABA.US$ $FTSE Singapore Straits Time Index(.STI.SG$ $Hang Seng Index(800000.HK$ $CSI 300 Index(000300.SH$
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102640653 : It has already bottomed last Saturday as far as I think. Level 17500-17700. It is forming a base as a stepping stone to rise higher n higher which is a good sign. Steady movement to the upside noted. Easy to break up 22k
SpyderCallOP 102640653: that is right. it appears so. we have made a higher low. we just need to print a higher high then it will look much better in the short term for sure. We really need to just rocket up to 30000 again. I dont see that happening but BTC is know to have rocket fuel
toomanyscammers : heya I have a qn. u noe for tqqq and sqqq, do you know if the p&L reflected by moomoo on our app is the actual p&l with time decay factored in? cos I calculated mine, it seems like the p&l after I completed a buy and sell is calculated based on normal stock calculations instead of with time decay factored in? thankss
SpyderCallOP toomanyscammers: i am not exactly sure. I believe the time decay happens overnight on those two tickers. So it should already include the time decay in your p&l. but again i am not exactly sure
SpyderCallOP toomanyscammers: if you look at the simple yield on your profit and loss then it should be a mors clear picture
toomanyscammers SpyderCallOP: you don't buy those though? or do you track the time decay manually?
toomanyscammers : thanks also for your reply:)
toomanyscammers SpyderCallOP: the p&l calculated from the fund details tab in moomoo that shows up after a trade is calculated based on the formula that I listed above which is the wrong formula for leveraged funds with time decay
SpyderCallOP toomanyscammers: usually I will buy a call or a put instead of those leveraged and inverse leveraged ETF's. it is more risky but more profitable potentially
SpyderCallOP toomanyscammers: you should tell moo moo to fix the formula. they have a lot of small quirks in this trading platform that that they need to work on. That could be one of them
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